{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/londonplumbingsolutions.com\/why-exploring-your-options-at-mortgage-renewal-can-save-you-thousands\/#Article","mainEntityOfPage":"https:\/\/londonplumbingsolutions.com\/why-exploring-your-options-at-mortgage-renewal-can-save-you-thousands\/","headline":"Why Exploring Your Options At Mortgage Renewal Can Save You Thousands","name":"Why Exploring Your Options At Mortgage Renewal Can Save You Thousands","description":"The above illustrates the difference approximate interest rates currently offered by 4 lenders in todays market. When comparing Lender 1 and Lender 4, there is a financial difference of $343.68 per month ($20,620.80 over your 5 year term), not to mention that you will end up paying approximately $28,863 more in interest with Lender 1 … Continued<\/a>","datePublished":"2023-06-28","dateModified":"2023-07-12","author":{"@type":"Person","@id":"https:\/\/londonplumbingsolutions.com\/author\/grant-roser\/#Person","name":"Grant Roser","url":"https:\/\/londonplumbingsolutions.com\/author\/grant-roser\/","identifier":4,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/a5e38166a160c0e61c8e18436f6ff5be9a99ccc7961825b7cccc6ed0dd99f059?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a5e38166a160c0e61c8e18436f6ff5be9a99ccc7961825b7cccc6ed0dd99f059?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"London Plumbing Solutions","logo":{"@type":"ImageObject","@id":"https:\/\/londonplumbingsolutions.com\/wp-content\/uploads\/2022\/11\/London-Plumbing-Solutions-plumbers-drain-cleaning-services-logo-sm.png","url":"https:\/\/londonplumbingsolutions.com\/wp-content\/uploads\/2022\/11\/London-Plumbing-Solutions-plumbers-drain-cleaning-services-logo-sm.png","width":168,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/londonplumbingsolutions.com\/wp-content\/uploads\/2022\/10\/London-Plumbing-Solutions-Google-Cover-Image1024x575.jpg","url":"https:\/\/londonplumbingsolutions.com\/wp-content\/uploads\/2022\/10\/London-Plumbing-Solutions-Google-Cover-Image1024x575.jpg","width":1024,"height":575},"url":"https:\/\/londonplumbingsolutions.com\/why-exploring-your-options-at-mortgage-renewal-can-save-you-thousands\/","about":["Local News"],"wordCount":228,"articleBody":"The above illustrates the difference approximate interest rates currently offered by 4 lenders in todays market. When comparing Lender 1 and Lender 4, there is a financial difference of $343.68 per month ($20,620.80 over your 5 year term), not to mention that you will end up paying approximately $28,863 more in interest with Lender 1 over your term.Save Money on FeesIn addition to interest rates, mortgage products can vary in terms of fees and penalties. By exploring your options for mortgage renewal, you may be able to find a mortgage product with lower fees or more favourable penalties. This can save you money if you need to break your mortgage early or make changes to your mortgage terms. Also, the majority of lenders will cover the costs for you to switch your mortgage to their institution.\u00a0Improve Your Financial SituationYour financial situation can change significantly over the term of your mortgage. If you’ve experienced a change in income, lifestyle, or financial goals, exploring your options for mortgage renewal can help you find a product that better suits your current needs. For example, you may be able to switch from a fixed-rate to a variable-rate mortgage if your income has increased, or you may want to switch to a shorter term if you’re planning to retire soon. Another option for those struggling with cashflow is to extend their amortization out to 30 years.\u00a0"}